Valeant's approach for Medicis comes amid an investigation into death of the girlfriend of Medicis's founder and chief executive, Jonah Shacknai, The Wall Street Journal reported. Since the girlfriend's death at Shacknai's home in July, Medicis shares have been underperforming the broader market, leaving the company vulnerable to a takeover approach, people familiar with the matter told the newspaper.

Shares of Medicis finished almost 5% higher Monday to $33.63 as reports surfaced about the company's possible sale.